MIRA
INFORM REPORT
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Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
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Name : |
JAIN IRRIGATION
SYSTEMS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.12.1986 |
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Com. Reg. No.: |
11-42028 |
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Capital Investment / Paid-up Capital : |
Rs.771.450
Millions |
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CIN No.: [Company Identification No.] |
L29120MH1986PLC042028 |
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IEC No.: |
0388080361 |
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TAN No.: (Tax Deduction & Collection Account No.) |
NSKJ00066D |
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PAN No.: (Permanent Account No.) |
AAACJ7163Q |
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Legal Form : |
A Public
Limited Liability Company. The company’s shares are listed on the Stock
Exchanges. |
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Line of
Business : |
Manufacture and export of Irrigation System. |
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No. of Employees : |
6500
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating
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A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit
Limit : |
USD 67000000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having fine track. Financial position of the
company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Mahesh |
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Designation : |
Finance Executive |
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Contact No.: |
91-22-22610011 |
LOCATIONS
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Registered Office / Head Office/ Research and |
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Tel. No.: |
91-257-2258011 / 2260011 / 22 |
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Fax No.: |
91-257-2258111 / 2261111 / 22 |
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E-Mail : |
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Website: |
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Area : |
71 Acres |
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Location : |
Owned |
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Factory 2 : |
Dhobikuva, Muvad, Padra, Vadodra, |
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Tel. No.: |
91-2662-267281/267400 |
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Fax No.: |
91-2662-267363 |
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E-Mail : |
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Area : |
4 Acres |
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Location : |
Owned |
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Factory 3 : |
Jain Hills, |
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Tel. No.: |
91-257-2260033/44,/ 2260288 |
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Fax No.: |
91-257-2261144 |
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E-Mail : |
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Area : |
236 Acres |
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Location : |
Owned |
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Factory 4 : |
S.No.587 and 588, Village : Kondamadgu,
Mandal Bibi Nagar, District Nalgonda - 508 126, |
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Tel
No. : |
91-8685-277302
/ 3 |
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Fax
No. : |
91-8685-277305 |
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Factory
5 : |
Site No. 258-90, Village Ellaymuthur,
Udumalpet - 642 154, District |
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Tel
No. : |
91-4252-278401
/ 2 |
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Fax
No.: |
91-4252-278403 |
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E-Mail
: |
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Factory
6 : |
100 Gollapalli, Village Gangadhara Mandal
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Tel
No. : |
91-8572-273703
/ 202022 / 273703, |
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Fax
No.: |
91-8572-273663 |
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E-Mail
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Factory
7 : |
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Tel
No. : |
91-8572-273185
/ 86 / 273185 / 202033 |
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Fax
No.: |
foodchittoor2@jains.com |
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Factory
8: |
Plot No. SP-1, Matsya Industrial Area, Alwar - 301 030, |
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Tel
No. : |
91-144-2881173 / 74 / 75 / 99 |
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E-Mail
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Factory
9: |
Survey No. 215, JIDC4, At Post Ghangali, Taluka Sihor, District |
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Tel
No.: |
02846-294222/225503 |
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E-Mail
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Demo
and Research and Development Farm 1
: |
Jain Hills, P.O. Box: 72, Jalgaon- 425 001, |
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Demo
and Research and Development Farm 2
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At. Takarkheda, Post. Kadholi, Taluka Erandol, District Jalgaon-
425001, |
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Demo
and Research and Development Farm 3 : |
Angora Breeding Farm, Village Pirdi, Taluka Mahol, District Kulu, |
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Demo
and Research and Development Farm 4 : |
Site No. 258-90, |
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Demo
and Research and Development Farm 5 : |
Aarogyadham” Kasturba Nisarga Upchar Kendra, Sevagram, Wardha, |
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Plants in Overseas
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Jain Irrigation Inc. - (Micro
Irrigation) 2851, East, Jain Irrigation Inc. [Winter Haven,
Florida] - P.O. Box 3546, 3857 W. Lake Hamilton Dr.Winter, Haven, FL 33881 Chapin Watermatics, Inc. - (Micro
Irrigation) 740, Cascade Specialities Inc. - (Onion
Dehydration Plant) NuCedar Mills, Inc.- (Building
Products-1000 Sheridan Siding and Trim) Tom
opar,President and CEO, Street, Sleaford Quality Foods Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Ltd. [Brazil] - Rua
Biazo Vicentin No. 260, Bairro idade Jardim, P.O.Box 175Leme SP - CEP
13614-330. NaanDanJain Irrigation System Limited [Spain]- P.I. La
Redonda, c/XIV nº 26 04710 Santa Maria del guila – El Ejido Almera
– ESPAA NaanDanJain Irrigation System Ltd. [Chile] -
Agrosystems, S.A.Carretera San Martin 16.500, Loteo Industrial Los
Libertadores – Colina Jain Sulama Sistemleri Sanayi Ve Ticaret AS. [ THE Machines SA - Rue de
l’industries 5, CH-1462 YVONAND, ProTool AG - Bernstrasse 52, CH-4923 |
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Laisioning
Office : |
7, |
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Tel
No.: |
91-22-22109090 / 22610011 / 22129090 / 22670011 |
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Fax
No. |
91 - 22 - 226
211 77, 226 411 77 |
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Regional Offices : |
Located at
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Overseas
offices : |
Located at: ·
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DIRECTORS
As on 31.03.2011
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Name : |
Mr. Bhavarlal H. Jain |
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Designation : |
Chairman |
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Address : |
Jain House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002,
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Qualification
: |
B. Com., LL.B. |
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Name : |
Mr. Anirudha Ramkrishna Barwe |
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Designation : |
Director (Expired on 05.10.2011) |
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Address: |
B-1,
Bageshree Shanker Ghanekar Marg, Prabhadevi, Mumbai – 400 025 |
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Qualification: |
M.Sc.
(Maths) |
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Name : |
Mr. Ghaneshyam Dass |
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Designation : |
Director |
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Name : |
Mr. Vasant V. Warty |
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Designation : |
Director (Nominee SBII) |
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Address: |
6
Umesh Society, |
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Qualification: |
BA, LLB, CAIIB |
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Name : |
Mr.
Ramesh C.A Jain |
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Designation : |
Director |
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Address: |
6
Umesh Society, N P thakur Road, New Rajpuriabaug, Vile Parle (E)
Mumbai-400057 |
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Qualification: |
BA,
LLB |
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Name : |
Mrs.
Radhika C Pereira |
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Designation : |
Director |
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Address: |
Dodhat
Pereira and Associates, 1018, 10th Floor, Maker Chamber V, Nariman
Point, Mumbai –400021 |
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Qualification: |
Bsc.
LLB, LLM ( |
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Name : |
Mr.
Devendra Raj Mehta |
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Designation : |
Director
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Date of
Appointment: |
26.12.2007 |
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Name : |
Mr. Ashok B. Jain |
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Designation : |
Vice Chairman |
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Address: |
Jain House,
7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
M.
Com. |
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Previous
Employment: |
Jain
Brothers Industries – Partner |
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Date
of Appointment : |
12.01
1987 |
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Name : |
Mr. Anil
Bavarlal Jain |
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Designation : |
Managing Director |
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Address: |
Jain
House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification
: |
B.
Com., LL.B. |
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Date
of Appointment : |
12.01.1987 |
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Previous
Employment: |
Jain Brothers
Industries – Partner |
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Name : |
Mr. Ajit B. Jain |
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Designation : |
Joint managing Director |
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Address: |
Jain
House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
B.E. |
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Experience: |
23 years |
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Date
of Appointment : |
11.01.1985 |
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Name : |
Mr. Atul B Jain |
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Designation : |
Director-
Marketing |
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Date of
Appointment: |
25.08.2009 |
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Name : |
Mr. R
Swaminathan |
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Designation : |
Director
[ Technical ( |
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Address: |
Jain
House, 5/B, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
B.
Tech (Chem) |
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Name : |
Mr.
Arunkumar Jain |
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Designation : |
Additional
Director (w.e.f.04.03.2011) |
KEY EXECUTIVES
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Name : |
Mr. A.V. Ghodgaonkar |
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Designation : |
Company Secretary |
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Audit
Committee: |
·
Mr. Ramesh C A Jain – Member ·
Mr. Vasant V Warty – Member ·
Mr. Ghaneshyam Dass – Chairman |
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Shareholders
Grievances Committee: |
·
Mr. Vasant V Warty – Chairman ·
Mr. Ajit B Jain – Member ·
Mr. Ramesh C. A. Jain– Member |
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Compensation
Committee : |
·
Mr. Mr. Ramesh C
A Jain – Chairman ·
Mr. Ashok B Jain – Member ·
Mr. Ajit B Jain – Member ·
Mr. Vasant V wsarty – Member ·
Ms. Radhika Pereira |
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Operations
Review Committee : |
·
Mr. Ashok B Jain – Chairman ·
Mr. Anil B Jain – Member ·
Mr. Ajit B Jain – Member ·
Mr. R Swaminathan – Member ·
Mr. Atul B Jain- Member |
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Name : |
Mr. Mahesh |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
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Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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2052575 |
5.34 |
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96605000 |
25.13 |
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Sub Total |
117125575 |
30.47 |
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Total
Shareholding Promoter and Prompter Group (A) |
117125575 |
30.47 |
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(B) Public Shareholding |
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3947938 |
1.03 |
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14880 |
-- |
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250 |
-- |
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213649761 |
55.58 |
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Sub Total |
217612829 |
56.61 |
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4216787 |
1.10 |
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21676060 |
5.64 |
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6219039 |
1.62 |
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17563226 |
4.57 |
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1471806 |
0.38 |
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15477492 |
4.03 |
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585693 |
0.15 |
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28235 |
0.01 |
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Sub Total |
49675112 |
12.92 |
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Total Public Shareholding (B) |
267287941 |
69.53 |
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Total (A) + (B) |
384413516 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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-- |
-- |
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1472569 |
-- |
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Sub Total |
1472569 |
-- |
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Total (A) + (B) + (C) |
385886085 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 million
BUSINESS DETAILS
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Line of
Business : |
Manufacture and export of Irrigation System. |
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Products : |
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Exports : |
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Products : |
Irrigation System |
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Countries : |
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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UAE ·
USA |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days / 60 days) |
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Purchasing : |
L/C, Cash, Credit (30 days / 60 days) |
PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Micro
Irrigation Systems |
MT |
212410 |
101404 |
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Piping
System |
MT |
259990 |
120979 |
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Plastic
Sheets |
MT |
36300 |
14920 |
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Agro Processing |
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Dehydrated
Onion and Vegetables |
MT |
18214 |
11842 |
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Fruit
Puree and Concentrate |
MT |
141575 |
58179 |
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Solar Systems |
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Solar
Water Heating Systems |
LTR |
2000000 |
1649000 |
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Solar
Photo Voltaic Systems |
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25000000 |
7637405 |
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Tissue Culture Plants |
No’s |
30000000 |
23814905 |
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Slabs/ Tiles |
Sq.mtr |
33750 |
31879 |
Note:
1] As certified by
Management and accepted by the auditors.
2] Optimum
Capacity Utilization is only 70% to 80% of installed capacity due to seasonality
factor.
3] Entire
production for captive consumption.
GENERAL INFORMATION
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Customers : |
OEM’s and Industries |
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No. of
Employees : |
6500
(approximately) |
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Bankers : |
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Facilities : |
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Banking Relations : |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
42, Free Press House, 4th Floor, 215, Nariman Point,
Mumbai 400 021, |
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Solicitors : |
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Name : |
Mulla and Mulla
and Craigie and Blunt and Caroe, |
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Address : |
Mulla House, 51, |
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Name : |
Solomon and
Company |
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Address : |
Calcot House, 3rd Floor,
8/10, M.P. Shetty Marg, (Tamarind Street), Fort, Mumbai – 400023,
Maharashtra, India |
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Wholly Owned
Subsidiary Companies: |
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Fellow Subsidiary
Companies: |
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Wholly Owned Subsidiaries of JISL Overseas
Limited, Mauritius. : |
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Subsidiaries of Jain (Americas) Inc, USA : |
·
Nucedar Mills Inc. USA, [Merged in Jain
(Americas) Inc, USA w.e.f. 31st March 2011 ]
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Subsidiary of Jain Irrigation Holding Corporation
: |
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Wholly Owned Subsidiary of Jain Irrigation Inc,
California : |
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Wholly Owned Subsidiaries of Jain Overseas B V,
Netherland : |
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Wholly Owned Subsidiaries of JISL Global SA : |
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Subsidiary of Jain (Israel) BV, Netherland : |
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Subsidiary of JISL Systems SA, Switzerland : |
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Subsidiary of Jain (Europe ) Limited UK : |
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Subsidiary of Jain Overseas B V, Netherland : |
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Subsidiaries of Naandan Jain Irrigation CS
Limited, Israel : |
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Other Related
Parties : |
Companies :
Partnership Firms :
Proprietorship :
Trust :
Trust Entities :
Foreign Companies :
|
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
926500000 |
Equity Shares |
Rs.2/- each |
Rs.1853.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs.500.000 Millions |
|
310000000 |
Differential
Voting Rights Equity Shares |
Rs. 2/- each |
Rs.620.000 Millions |
|
|
Total |
|
Rs.2973.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
377653204 |
Equity Shares |
Rs. 2/- each |
Rs.755.300 Millions |
|
4608350 |
On conversion of ESOP |
Rs. 2/- each |
Rs.9.220 Millions |
|
962700 |
On conversion of zero coupon
convertible bonds |
Rs. 2/- each |
Rs.1.930 Millions |
|
2500206 |
Equity Shares representing
underlying European Receipts 5000412 |
Rs. 2/- each |
Rs.5.000 Millions |
|
|
Sub Total |
|
Rs.771.450 Millions |
As on 30.09.2011
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
926500000 |
Equity Shares |
Rs.2/- each |
Rs.1853.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs.500.000 Millions |
|
310000000 |
Differential
Voting Rights Equity Shares |
Rs. 2/- each |
Rs.620.000 Millions |
|
|
Total |
|
Rs.2973.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
385886085 |
Equity Shares |
Rs. 2/- each |
Rs. 771.772 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
771.450 |
783.440 |
1172.280 |
|
|
2] Share Warrants |
347.930 |
0.000 |
358.490 |
|
|
3] Reserves & Surplus |
15723.310 |
12646.110 |
8304.130 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
16842.690 |
13429.550 |
9834.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16964.090 |
14022.710 |
12918.570 |
|
|
2] Unsecured
Loans |
5161.010 |
3813.070 |
636.500 |
|
TOTAL BORROWING
|
22125.100 |
17835.780 |
13555.070 |
|
DEFERRED TAX LIABILITIES
|
1224.250 |
1024.420 |
707.300 |
|
|
|
|
|
|
|
TOTAL
|
40192.040 |
32289.750 |
24097.270 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
14706.580 |
12026.270 |
9511.190 |
|
Capital work-in-progress
|
1645.050 |
1215.840 |
998.340 |
|
|
|
|
|
|
|
INVESTMENT
|
4032.790 |
3964.660 |
3905.680 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
9149.480
|
6061.540
|
5195.180
|
|
|
Sundry Debtors
|
14818.160
|
8876.000
|
7816.010
|
|
|
Cash & Bank Balances
|
3830.300
|
4378.130
|
879.140
|
|
|
Other Current Assets
|
246.160
|
251.540
|
220.580
|
|
|
Loans & Advances
|
5224.330
|
3735.900
|
3235.540
|
Total Current Assets
|
33268.430
|
23303.110
|
17346.450
|
|
Less: CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
11036.140 |
6128.290 |
4884.190 |
|
|
Current Liabilities
|
1896.520
|
1594.390
|
1994.370
|
|
|
Provisions
|
528.150
|
497.450
|
785.830
|
Total Current Liabilities
|
13460.810
|
8220.130
|
7664.390
|
|
Net Current Assets
|
19807.620
|
15082.980
|
9682.060
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
40192.040 |
32289.750 |
24097.270 |
|
PROFIT &
LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
33309.010 |
27229.110 |
21789.450 |
|
|
|
Other Income |
172.930 |
247.420 |
169.670 |
|
|
|
TOTAL (A) |
33481.940 |
27476.530 |
21959.120 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed, Purchased etc. |
21281.480 |
16905.380 |
12897.940 |
|
|
|
Manufacturing Expenses |
2744.430 |
2209.960 |
1536.930 |
|
|
|
Payment to and Provision for Employees |
1503.210 |
1036.560 |
809.590 |
|
|
|
Selling and Distribution Expenses |
2052.800 |
1744.700 |
1446.580 |
|
|
|
Administrative and other Expenses |
833.460 |
681.160 |
537.180 |
|
|
|
Increase/ Decrease In Stock |
(2425.020) |
(1037.180) |
(17.550) |
|
|
|
Amount written off and provision |
120.650 |
95.570 |
45.920 |
|
|
|
Difference in foreign exchange rate |
(102.120) |
(711.080) |
777.220 |
|
|
|
TOTAL (B) |
26008.890 |
20925.070 |
18033.810 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7473.050 |
6551.460 |
3925.310 |
|
|
|
|
|
|
|
|
|
Less |
INTREST
FINANCIAL EXPENSES (D) |
2363.630 |
1942.970 |
1610.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5109.420 |
4608.490 |
2314.670 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
834.340 |
685.910 |
472.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4275.080 |
3922.580 |
1841.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1310.050 |
1219.340 |
635.870 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period items |
0.000 |
9.210 |
(4.170) |
|
|
Less |
Excess / (short) Provision of Taxation |
(12.440) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2952.590 |
2712.450 |
1201.780 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4449.240 |
2850.890 |
2462.630 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
271.200 |
120.200 |
|
|
|
Transfer to Capital Redemption Reserve |
23.130 |
425.390 |
436.800 |
|
|
|
Proposed Preference Dividend for the year |
0.230 |
13.540 |
30.960 |
|
|
|
Provision for Dividend Tax on Preference
Dividend for the year |
0.040 |
2.300 |
5.260 |
|
|
|
Proposed Equity Dividend |
385.790 |
343.320 |
188.290 |
|
|
|
Provision for Dividend Tax on Equity
Dividend |
64.07 |
58.350 |
32.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6628.570 |
4449.240 |
2850.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fob Value of Exports (on the basis of bill of lading) |
4920.470 |
4889.570 |
4449.820 |
|
|
TOTAL EARNINGS |
4920.470 |
4889.570 |
4449.820 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Stores and Spares |
7781.150 |
6796.710 |
3064.622 |
|
|
|
Capital Goods |
1787.890 |
5837.810 |
839.180 |
|
|
TOTAL IMPORTS |
9569.040 |
12634.520 |
6796.718 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.75 |
7.17 |
16.12 |
|
Expected Sales (2011-2012) : Rs. 40000.000 Millions
The above information has been parted by Mr. Mahesh.
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1ST
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
9513.100 |
7711.100 |
8329.800 |
|
Total Expenditure |
7365.600 |
6509.300 |
7177.500 |
|
PBIDT (Excl OI) |
2147.500 |
1201.800 |
1152.300 |
|
Other Income |
8.000 |
2.500 |
20.700 |
|
Operating Profit |
2155.500 |
1204.300 |
1173.000 |
|
Interest |
775.700 |
814.400 |
916.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1379.80 |
389.900 |
256.700 |
|
Depreciation |
238.900 |
247.700 |
243.500 |
|
Profit Before Tax |
1140.900 |
142.200 |
13.200 |
|
Tax |
316.600 |
26.500 |
0.800 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
824.300 |
115.700 |
12.400 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
(0.800) |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
823.500 |
115.700 |
12.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.82
|
9.87
|
5.48
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.83
|
14.40
|
8.45
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.91
|
11.10
|
6.86
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.29
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
1.94
|
2.16
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
2.83
|
2.26
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
----- |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
----- |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
No |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
PARTICULATS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Total
Outstanding Dues of Micro and Small and Medium Enterprises |
|
|
|
|
For Total
Outstanding Dues of Creditors other than Micro and Small Enterprises |
10815.550 |
5850.740 |
4589.210 |
|
For Expenses |
220.590 |
277.550 |
294.980 |
|
Total |
11036.140 |
6128.290 |
4884.190 |
OPERATIONS:
The net sales have
increased by 22.3% on YoY basis, since exports remained flat at Rs.5,158
Millions while the domestic sales improved by an impressive 25.6% at Rs. 27,349
Millions backed by growth in MIS/SIS (32%), Agro processing (10%) and
Pipes(9%). The MIS/SIS growth was primarily due to increased retail sales in
States like Maharashtra, Andhra Pradesh, Gujarat, and
The operating
income includes Rs.554.03 Millions (Rs.142.39 related to 2009-10) due from
Government of Maharashtra under eligibility certificate issued under the
Industrial Promotion Scheme from DIC, GoM. The EC is valid for a period of 7
years from 30th September 2009 or till the amount of benefit gets exhausted,
whichever is earlier.
Due to changes in
foreign currency rates, the notional gain was lower by over 85% YoY basis at
Rs.102.1 Millions. Even though the tighter monetary regime resulted in an
increase of Rs.420 Millions. in finance charges on absolute basis, the impact
on cost of sales was flat at little over 7%. The profit for the year was at
Rs.2965 Millions. (as against Rs. 2703 Millions. last year), an increase of
10%.
SIGNIFICANT
AWARDS, ACCOLADES THEIR RECOGNITIONS
The Company has
received several awards on International and National, State level during the
year, however significant amongst them are:
- IFC’s (part of World Bank Group) Client
Leadership Award for “pioneering work to promote sustainable agriculture
and raise farmers’ incomes through the efficient use of water, energy and
fertilisers”
- The Financial Times London and Arcelor
Mittal Boldness in Business Award in Environment category for 2010 for
“For pioneering drip irrigation in India, it worked tirelessly and drove
the growth of this simple yet highly effective technology. It multiplied
yields at considerably lower water usage. Wastelands could now be
cultivated and greened. More Crop Per Drop made real difference to
environment. Jain Irrigation went beyond offsetting its carbon footprint
and achieved sustainability on a more fundamental level”.
- Recently, the Company was granted US
Patent 7963569 titled ‘locking pipe joint and method of making the same’.
MANAGEMENT
DISCUSSION AND ANALYSIS:
After growing at a
scorching 9% plus rate in 2005-06 to 2007-08, Indian economy consolidated at
6.7% in economic downturn of 2008-09 and recovered moderately to 7.4% in
2009-10 as per RBI’s quick estimates. The 2010- 11 projections are closer to 8%
but macro headwinds are indicating a consolidation at over 7% for the current
year. The progress of monsoon has been good while geographical distribution is expected
to be even.
The low growth
phenomenon has continued with developed economies of Western world. They are
grappling with
problems like high
borrowings and likely sovereign default in EU countries and if these were to
happen, it would be catastrophic as many international commercial banks have
exposure to EU countries. Energy prices have remained high through the current
year so far but developments in various parts of world have moderated the
demand expectations and hence prices have stabilized now at lower than top
price achieved. The lower commodity prices and hence lower inflation
expectations as a corollary may force RBI to either pause the policy rate
hikes. However RBI has continued with it’s hawkish stance – due to high food
inflation. In fact, food inflation issue is more supply side issue and partly
can be addressed by improving agricultural productivity by using micro
irrigation and other technologies being propagated by the Company.
The quick estimate
released by RBI indicates that the economy grew by 7.7% in Q1 FY 2011-12. The
Manufacturing sector grew by 7.2 while Mining sector grew only by 1.8%.
However, the Agricultural sector grew by heartening 3.9% which is an
encouraging sign.
Today need for the
Company’s product is even more intensifying and continued deployment of these
products will allow Company to full-fill it’s objective of meaningfully
addressing issues, like water conservation and food security, being faced by
the nation.
OVERVIEW OF BUSINESS
The Company (JISL)
is leading agri-business Company, operating in diverse but integrated segments
of the agribusiness value chain. It is the second largest micro irrigation
Company globally and is largest manufacturer of irrigation systems in
OVERSEAS HOLDING COMPANIES
a) JISL Overseas
Limited,
b) Jain
International Trading B.V., Netherland is a wholly owned subsidiary of the Company
and is incorporated in 2010 under the laws of Netherland. The said Company had
a loss of US$ 388,047 for the year ended 31st March, 2011.
c) Jain Overseas
B.V., Netherland is a wholly owned subsidiary of the JISL Overseas Limited,
d) Jain (
e) JISL Global SA,
Switzerland is a wholly owned subsidiary of the Jain Overseas BV.,
f) JISL Systems SA,
g) Jain Irrigation
Holdings Inc.
OVERSEAS MARKETING
COMPANIES
a) Jain (
b) Jain (Europe)
Limited,
OPERATING
SUBSIDIARY COMPANIES
a) Jain Irrigation
Inc.,
b) Cascade
Specialities Inc.
c) NaanDan Jain
Irrigation C.S. Limited
d) The Machines SA,
e) Jain Sulama
Sistemleri San. Tic. A.S., Turkey, is a
f) SQF 2009
Limited,
g) Eurodrip S.A.
OVERVIEW OF SEGMENTS
HIGH-TECH AGRI INPUT PRODUCTS
The segment
comprises of Micro and Sprinkler irrigation systems, PVC Pipes, biotech tissue
culture and other agri inputs. The segment has grown at almost 26.7% over the
previous year at Rs.22859.800 million. The main growth engine was the MIS/SIS
business at a robust 31.6% growth. PVC pipes also grew at reasonable growth
rate of 10.4%. The segment profit has grown by an impressive 40.1% over the
earlier year’s level, while the capital employed grew at a little over 30%
reflecting the creation of additional capacities during the year.
MICRO AND SPRINKLER IRRIGATION
Industry
The industry is
broadly divided into the organized and unorganized segments in the country. The
Company is the largest player in the organized sector. In view of the
involvement of a large number of components in a system, all of which are not
available with a single manufacturer, it is difficult to hazard a guess about
the exact size of the industry as most of the figures are derived on the basis
of information available from different sources. While the Company controls 55%
of the Micro Irrigation business in the country, it has a market share of 35%
in the Sprinkler irrigation business in the country. The current estimate of
industry size is Rs.30.000 bn. and it is growing at a fast pace. Currently only
5 million Ha (7% coverage) of the possible 69 million Ha area is covered under
the micro and sprinkler irrigation in the country. However, as per Government
task force 17million Ha of land can be easily brought under micro irrigation
coverage in the country by 2012, while by 2030 the extent of MIS/SIS coverage
may reach 69.5 Millions Ha. The prospect for global growth of the MIS industry
is strong. Experts estimate that by 2025 the majority of developed countries
will confront issues resulting from a scarce water supply, with all major
economies switching to MIS to mitigate the disruption that such a shortage
could cause. Although MIS’s popularity continues to grow, high establishment
costs have hindered its wider circulation. Despite this, over the last 20
years, there has been a six-fold increase in the area under micro irrigation.
North America and Europe have the highest rates of utilization, with the
Performance
The business
contributes a little over 51% of the Company’s turnover. The division has been
growing at a CAGR of 46% in last five years on the back of projects in the
States of Andhra Pradesh, Gujarat, Tamil Nadu and consistent growth in
Opportunity and Outlook
Almost 50% of the
arable land in the country is still rain fed. The Government (Central
and State) provide 50% capital subsidy for promoting the use of Micro Irrigation
by farmers While targeting an agriculture growth of 4% per annum the government
had also placed higher targets for farm credit and agriculture investments at
2% plus of the GDP for the XII plan period. Very recently in 2010 the Cabinet
Committee of Economic Affairs approved the “National Mission on Micro
Irrigation” (NMMI) during the Eleventh Plan period. This again demonstrates the
sustained focus of the government on pushing the micro-irrigation as a tool to
conserve the water and address the issue of food security. The Union Budget
reflected an overall increase in thrust towards agriculture.
During the year,
the 22nd manufacturing plant was inaugurated at
The Company has
continued its training and extension activities throughout the country. Thus,
during the year the extension activities were carried out in over 165 districts
in the country covering over 164,000 farmers in 15 states. All in all, outlook
for this industry in very positive and opportunity is immense.
PVC PIPING
Industry Indian Scenario
Jain Irrigation,
with a 15% share, is one of the three (3) major players in the organized
market. Rest of the industry, being small and medium scale in nature, is
unorganized, fragmented and scattered near the user belts in the country.
Increased micro irrigation spends, higher allocation towards rural water
infrastructure for potable water, push for urban infrastructure by government
agencies and Command Area Development Programme will improve the demand
situation for the industry.
Performance
During the FY 2011,
this business contributed 18.1% revenue for the Company. The business has grown
at a steady 10.4 % in revenues over last year. The business added 35,145 MT of
capacity during the year, while the Fixed Assets addition was to the tune of
Rs.196.000 million.
Opportunity and Outlook
While the expansion
of capacity undertaken last fiscal year is complete, in view of increased
budgetary allocation from government, demand is expected to continue to
increase. While the government infrastructure spends are increasing all the
time, the government programmes continued for safe drinking water, urban and
rural sanitation, rain-water harvesting and integrated watershed management
programme etc. are expected to generate substantial demand for piping products
in the coming years. The Company is considering establishing two more
production centres in the north part of country in near future. A large part of
the Urban Infrastructure projects in the current five year plan is towards
irrigation, drinking water supply and sanitation.
BIOTECH TISSUE CULTURE
Industry
The industry is broadly divided into two segments-
1) Fruits and vegetables
2) Leafy Plants and flowering Ornamental Plants.
The industry is not organized although some big names did start forays
in this industry in the mid 1990’s. Most of the players are engaged in tissue
culture for cut flower exports, where the model of business is quite different.
The Company started with banana as the main crop for tissue culture and the
efforts have really paid off. The industry is still growing at an estimated 25%
per annum.
Performance
The sales in
business crossed Rs.270.0 million during the year, reflecting a 20.3% growth
over the previous year. The quantity increased to 22.5 million plantlets
Keeping quality of plants as the top priority Company had implemented four
stage disease testing program. Unit has also maintained various certification
standards for commercial tissue culture laboratories.
Opportunity and Outlook
The outlook continues to be excellent and demand shows improved off take
in the coming season. Now, many State Governments are evincing keen interest in
promoting tissue culture. The Company has opportunity to diversify the business
and produce fruit and ornamental plants and other fruit plants. The Company has
also started production of tissue cultured pomegranate plants. Research and
development is on to create Citrus plants. There is also an export potential to
other Asian countries which can be tapped.
Industrial Products
The segment
business includes the varied business lines like PVC Sheets, Polycarbonate
Sheets, PE pipes for industrial applications, Fruit processing, and onion and
vegetable dehydration. Business in this segment has grown at 13.7% over the
earlier year’s level at Rs.10449.21 million. The major growth came from solar
business at 112% growth in revenue terms on a small base.
PE PIPING
Industry
The applications of PE pipes are growing at a fast pace and yet new
applications are being developed for the product. In applications like Sewage
and Effluent disposal the tougher environmental laws and stricter application
of the same by the Government departments, the replacement of cement/metal
pipes by PE pipes is becoming very relevant. Such possibilities are huge;
especially since the larger diameter PE pipes are now indigenously available
within the country itself. The Company’s presence in gas and cable duct
segments of the PE pipe business is commanding and hence the overall market
share is in excess of 30%. The Company is operating in all segments of the
industry like cable duct, sprinklers, gas distribution, water conveyance, house
service connection, Sewage conveyance, Effluent disposal, sand stowing, dust
suppression etc.
Performance
This business has
grown in FY 2011 by 5.8% and volumes were grew by 15.4%However, with all user
industries like telecom, gas, water and sewerage having good plans for growth
and capital expenditure, the future is bright for this business.
Opportunity and Outlook
The Company has successfully continued to get large supply contracts with
multinational companies for supply all over the world as a preferred supplier
with very encouraging revenues. The massive infrastructure projects undertaken
under the Bharat Nirman yojana, increased investments by telecommunication
industry and plans for piped gas in cities continue to be the potential demand
drivers for the industry. All the Gas Distribution companies are continuing
their growth plans as newer cities are being added every year. The telecom
sector in
The demand for next 18 months is expected to be around 275,000 kms of
duct pipes. In water transmission and distribution business there are around
200 firms registered with BIS, but the national players are only 3 and Jain
Irrigation is the only player to manufacture pipes up to 1600+ mm dia. Jain
Irrigation now has developed the capability to provide a complete solution to
Water Management, Waste-water Treatment and judicious use of treated water.
ONION AND VEGETABLE DEHYDRATION
Industry
Dehydrated Onion
is the largest used general food ingredients. This industry is dominated by
Performance
During the year,
product sale remained approximately same in terms of value and quantity. The
Company achieved this sales growth under the adverse scenario of bad onion
crop, increased raw material cost, volatile rupee, etc.
In order to maintain its leadership position the Company has upgraded
and maintained its quality management system to ISO 22000 apart from other
certifications like BRC, GMA SAFE, Kosher, Halal etc. Company's Indian
operations have also been certified under ISO 14001 and OSHAS 18001 for
Environment and Occupational Health and Safety.
Opportunity and Outlook
Outlook for vegetable dehydration industry in general and dehydrated onion
industry in particular looks very good. Large multinational companies with very
popular household brands are looking towards consolidating the number of
suppliers and trying to align with select few suppliers who can provide better
traceability and sustainability. This puts the Company in a very good position
due to its backward linkages, relationship with farmers, contract farming
programs, ability to supply from two different origins with different seasons
and product quality attributes and Company’s sustainability in general.
Worldwide Onion dehydration industry is estimated to be around 180,000
MTPA. The industry is growing globally at 3-5% per annum. The Company now has
capacity to produce approximately 26,000 MT per annum of finished products between
its three plants in two countries. This makes the Company the third largest
dehydrated onion producer in the world. The acquisition of controlling stake in
Cascade Specialities Inc,
FRUIT PROCESSING
Industry
The fruit and vegetable processing industry has a huge potential in
The installed
capacity of
Performance
This division forms an important part of the Company’s approach to
integrated farming model, wherein the Company supplies the farmer with
high-tech agri inputs, and is ready to buy back the surplus output to add value
and offer the same locally and in International markets, thereby completing the
agri value chain. The division clocked yearly revenues of Rs. 3087.000
Millions. during the year. The business grew at 14.8% in value terms. The
division processed 115580 MT of fruits during the year. The division added new
capacities in Aseptic, Frozen and IQF part of the business. Company processed
various different fruits like Mango, Pomegranate, mla, Guava, Banana, Papaya, Tomato, etc in
the year.
The division continues to retain its accreditation under various quality
standards such as ISO 22000, SGF, Kosher etc. The business unit has also
achieved accreditation under ISO 14000 and OSHAS 18000 standards.
With the increased capacity, improved plant utilization and reduction in
raw material transport cost; this division has become cost efficient and a high
quality producer of fruit purees and concentrates.
The Company is a strategic supplier to Coca Cola system worldwide for
supplying Mango Pulp/Puree and concentrates. The Maaza brand of Coca Cola
Company is a brand leader in the fruit beverages category and continues to
clock compounded annual growth rate of more than 30%.
Opportunity and Outlook
The fruit and vegetable processing industry is critical to fruit and
vegetable sector. Although the horticulture sector has grown by 10%, only 2% of
the produce is processed, resulting in huge post harvest losses. Fruit and
vegetable processing establishes the vital linkage between agriculture and
industry. In order to sustain the growth in the economy, Govt. has realized the
need to support this vital link and has been providing support to accelerate
growth in the sector. The sector has seen exponential growth with demand for
fruit juices, beverages, convenience foods growing by around 30% yoy.
The demographic profile of the consumers has been changing. With
increase in disposable incomes and standard of living, the consumption pattern
is shifting from basic foods to more healthy, convenience foods resulting in
growing demand for processed food in general and processed fruits and
vegetables in particular.
There is a marked shift in the International markets with emphasis being
laid on wellness products and products having nutritive/therapeutic properties.
There is also a shift from the usual products such as Citrus and Apple to more
exotic products like Mango, Guava, and Pomegranate etc. which are being
increasingly being researched for their wellness aspects.
New markets such as
With opening up of US and Japanese markets for fresh Mango, the taste
profile is witnessing a change, resulting in opening up of these markets for
processed products also.
The demand for tropical fruit purees and concentrates and processed
vegetables is growing rapidly within
With a view to offer products with therapeutic values, the Company is
working on offering products from Amla and Mangosteen in the International
markets.
Company is also working on setting up a processing line for processing
Mosambi, the most widely consumed juice in
PVC SHEETS
Industry
Major markets for Company’s products are Europe and
In the BMI segment, Lumber the traditional building material was being
replaced by PVC. The basic uses of PVC in BMI was in Trim, used as surrounds
for windows and garage doors, Corner Boards, Soffits and interior applications
such as Wainscoat and Beadboards. The inherent qualities of PVC such as
impervious to water absorbtion; protected against insect attacks and a life
term warranty promulgated the product over traditional Lumber. Further,
availability of good quality wood was a problem as resources were drying up and
cost of processing was escalating.
The market is serviced by 7 manufacturers and some Chinese imports.
The S and G market has been using PVC sheets in manufacturing Sign and
Graphic boards, Point of Purchase displays and large print mediums. This
industry has stayed with PVC for over 3 decades.
This segment is serviced by 5 manufacturers. Some
Performance
This business has
stedy growth rate in FY 2011. It accounted for around 22% of the revenue.
Improved 2nd half helped achieving the same level of revenue at Rs.Rs.1394.000
Million compared to Rs.1143.000 Million in the previous year.
Opportunity and Outlook
The economic downturn has resulted into some players exiting the market
and others redefining their basket of offerings. This consolidation in the
industry will benefit both the manufacturer and the end user.
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF:
|
Particulars |
31.03.2011 Rs.
In Millions |
|
Claims not acknowledged as debts in respect of: |
|
|
- Customs and Excise duty |
281.470 |
|
- Other taxes and levies |
73.780 |
|
- Others (Legal) |
52.710 |
|
Guarantees given by the company bankers in the normal course of
business |
1263.650 |
|
Bills discounted with the bank |
454.450 |
|
Export obligations towards duty saved amount under EPCG scheme |
1834.100 |
|
Corporate Guarantee given for repayment of indebtedness of overseas
subsidiaries |
1802.040 |
In respect of (i) above, the company has taken necessary legal steps to protect its position in respect of these claims, which, in its opinion, based on legal advice, are not expected to devolve. It is not possible to make any further determination of the liabilities which may arise or the amounts which may be refundable in respect of these claims.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31-DEC-2011
(Rs. in millions)
|
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
31/12/2011 (Unaudited) |
30/09/2011 (Unaudited) |
31/12/2011 (Unaudited) |
|
Net Sales/Income
from Operations |
8329.800 |
7711.100 |
25546.200 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
1021.000 |
(55.000) |
(306.600) |
|
b) Purchase of Traded Goods |
-- |
-- |
-- |
|
c) Employees Cost |
402.300 |
402.600 |
1240.200 |
|
d) Depreciation |
243.500 |
247.700 |
730.100 |
|
e) Other Expenditure |
1432.000 |
1388.700 |
4437.700 |
|
f) Consumption of Materials |
3610.800 |
4180.100 |
14240.800 |
|
g) Total |
6709.600 |
6164.100 |
20342.200 |
|
|
|
|
|
|
Profit from
Operations before Exchange Rate Difference, Other Income, Interest, Tax &
Exceptional Items. |
1620.200 |
1547.000 |
5204.000 |
|
|
|
|
|
|
Exchange Rate Difference - (Expense) / Income |
(711.400) |
(592.900) |
(1440.100) |
|
|
|
|
|
|
Profit From Operations before Other Income, Interest and
Exceptional Items |
908.800 |
954.100 |
3763.900 |
|
|
|
|
|
|
Other Income |
20.700 |
2.500 |
38.900 |
|
|
|
|
|
|
Profit Before Interest and Exceptional Items (3+4) |
929.500 |
956.600 |
3802.800 |
|
|
|
|
|
|
Interest |
916.300 |
814.400 |
2506.400 |
|
|
|
|
|
|
Profit After Interest but before Exceptional Items (5-6) |
13.200 |
142.200 |
1296.400 |
|
|
|
|
|
|
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
Profit from Ordinary Activities before Tax (7+8) |
13.200 |
142.200 |
1296.400 |
|
|
|
|
|
|
Tax
Expense |
|
|
|
|
a) Current tax |
0.800 |
26.500 |
343.900 |
|
b) Deferred tax |
3.300 |
28.000 |
306.400 |
|
c) Wealth Tax |
(2.500) |
(1.700) |
37.300 |
|
|
-- |
0.200 |
0.200 |
|
|
|
|
|
|
Net Profit from Ordinary Activities after Tax (9-10) |
12.400 |
115.700 |
952.500 |
|
|
|
|
|
|
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
Net Profit for the period (11-12) |
12.400 |
115.700 |
952.500 |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
810.400 |
771.800 |
810.400 |
|
|
|
|
|
|
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
0.03 |
0.29 |
2.35 |
|
b) Basic and diluted EPS after extraordinary items |
0.03 |
0.28 |
2.35 |
|
|
|
|
|
|
Public
Shareholding |
|
|
|
|
-Number of Shares |
268760510 |
268767840 |
268760510 |
|
- Percentage of Shareholding |
69.65 |
69.65 |
69.65 |
|
|
|
|
|
|
-Number of DVR Equity Shares |
13438030 |
-- |
13438030 |
|
-Percentage of DVR Share holding (as a % of the total DVR Capital of
Company) |
69.65 |
-- |
69.65 |
|
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
13396605 |
13396605 |
13396605 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
11.44 |
11.44 |
11.44 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
3.47 |
3.47 |
3.47 |
|
|
|
|
|
|
-Number of DVR Equity Shares |
669830 |
-- |
669830 |
|
-Percentage of DVR Share holding (as a % of the total DVR shareholding
of Promoter & Promoter Group) |
11.44 |
-- |
11.44 |
|
-Percentage of DVR Equity Shares (as a % of the total DVR Capital of Company) |
3.47 |
-- |
3.47 |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
- Number of Shares |
103728.970 |
103721640 |
103728.970 |
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
88.56 |
88.56 |
88.56 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
26.88 |
26.88 |
26.88 |
|
|
|
|
|
|
-Number of DVR Equity Shares |
5186444 |
-- |
5186444 |
|
-Percentage of DVR Share holding (as a % of the total DVR shareholding
of Promoter & Promoter Group) |
88.56 |
-- |
88.56 |
|
-Percentage of DVR Equity Shares (as a % of the total DVR Capital of
Company) |
26.88 |
-- |
26.88 |
QUARTERLY / NINE MONTHS ENDED REPORTING OF STANDALONE SEGMENT WISE
REVENUE,
RESULTS AND
CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31/12/2011 |
30/09/2011 |
31/12/2011 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Hi-tech Agri Input Products |
5957.600 |
5098.900 |
17828.200 |
|
|
|
b) Industrial Products |
2372.200 |
2612.200 |
7718.000 |
|
|
|
|
|
|
|
|
|
|
Net Sales Income
From Operations |
8329.800 |
7711.100 |
25546.200 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Hi-tech Agri Input Products |
1582.300 |
1391.600 |
4680.000 |
|
|
|
b) Industrial Products |
343.400 |
425.700 |
1391.600 |
|
|
|
|
|
|
|
|
|
|
Total |
1925.700 |
1817.300 |
6071.600 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
916.300 |
814.400 |
2506.400 |
|
|
|
Less : Other Unallocable Expenses |
996.200 |
860.700 |
2268.800 |
|
|
|
Net of Unallocable Income |
|
|
|
|
|
|
Profit before Tax |
13.200 |
142.200 |
1296.400 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Hi-tech Agri Input Products |
22216.900 |
20701.800 |
22216.900 |
|
|
|
b) Industrial Products |
14535.800 |
15356.700 |
14535.800 |
|
|
|
c) Other Unallocated |
10699.300 |
10389.300 |
10699.300 |
|
|
|
|
|
|
|
|
|
|
Total |
47452.000 |
46447.800 |
47452.000 |
|
Segment Note 1)
Company has considered business segment for
reporting purpose, primarily based on customer category. The products
considered for the each business segment are: a.
Hi-Tech Agri Input Products includes Micro Irrigation
Systems, PVC Piping Products, Tissue Culture Plants and Agri R and D
Activities. b.
Industrial Products includes PE Piping Products,
Plastic Sheets, Agro Processed Products and Solar Products. 2)
The revenue and results figure given above are
directly identifiable to respective segments and expenditure on common
services incurred at the corporate level are not directly identifiable to
respective segments have been shown as “Other Un-allocable Expenditure”. 3)
The Capital Employed figures given above are
directly identifiable to respective segments and Capital Employed for
corporate services for head office and investments related to acquisitions
have been shown as “Others” unallocated. |
|||||
Notes
1)
Company has decided not to exercise the option
provided under the notification No. 914 (E) dated 29 December 2011, issued by
the Ministry of Corporate Affairs, relating to AS-11 `The effect of changes in
Foreign Exchange Rates` and continue with existing practice of charging the
difference to Profit and Loss Account.
2)
As per the Company`s accounting policy during the
Quarter ended, 31 December 2011 a sum of Rs. 42.700 millions has been debited to
Hedging Reserve on account of Rupee movement against major foreign currencies.
Accordingly, the debit balance of Hedging Reserve Account of Rs.225.900
millions as on 30 September 2011 has increased to Rs.268.600 millions as on 31
December 2011.
3)
For the Quarter and Nine Months ended 31 December
2011 net loss on account of Exchange Rate difference of Rs. 711.400 millions
and Rs.1440.100 millions respectively includes unrealized net loss of Rs.
608.100 millions (corresponding quarter gain: Rs. 71.500 millions) and Rs.
1287.500 millions (corresponding nine months loss: Rs. 69.400 millions)
respectively on Foreign Currency Long Term Borrowings.
4)
The Company has issued and allotted 19,294,304
Differential Voting Right (DVR) Equity Shares of Rs. 2 each fully paid as Bonus
Share on 10 November 2011. The DVR Share capital of Rs. 38.589 millions has
been transferred from Capital Redemption Reserve Account.
5)
The Earnings Per Share for the periods reported
have been adjusted for issue of Bonus Shares during the Quarter Ended 31
December 2011 as per Accounting Standard 20 “Earnings Per Share”.
6)
The Company has received and disposed off 9
investor complaints during the quarter ended 31 December 2011. There were no
investor complaints pending at the beginning or at the end of the quarter.
7)
The figures have been regrouped, rearranged,
reclassified or reworked as necessary to conform to the current year accounting
treatment.
8)
The above results have been taken on record at a
meeting by the Audit Committee and the Board of Directors of the Company on 11
February 2012.
9)
The Auditors of the Company have carried out the
Limited Review of the above financial results.
Fixed
Assets
- Goodwill
- Trademark and
Development
- Computer
Software
- Green/Poly/
Shed Houses
- Plant and
Machinery and Equipments
- Office
Equipments
- Electrical
Installations,
- Furniture,
Fixtures
- Vehicles
- Live Stock
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.56 |
|
|
1 |
Rs.81.05 |
|
Euro |
1 |
Rs.67.49 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.